Vancouver city councillors have voted unanimously in favour of leasing the Larwill Park site for a new, purpose-built Vancouver Art Gallery.

On Wednesday afternoon, council approved a 99-year lease on the 1.8-acre site a few blocks away at 688 Cambie Street.

The VAG has outgrown the Robson Square site and is only able to exhibit 3% of its permanent collection at any given time in its current location. A new, larger space would enable the display of works that are presently kept in storage.

The VAG's plan for a new location includes an expansion of exhibition space to 86,500 square feet, from 40,448 square feet at its current site. It also intends to incorporate dedicated space for educational and school programs, studios, archives, a 300-seat auditorium and lecture hall.

The approval remains conditional on the gallery securing, by 2015, $100 million in funding from the federal government and an additional $50 million from the provincial government, which has already contributed $50 million. The proposed new space will cost approximately $300-350 million.